New changes as Finance Minister Kasaija fires UIA board

The Minister of Finance Planning and Economic Development, Minister Matia Kasaija, has fired the Uganda Investment Authority (UIA) board and new members are being lined up even though the number will go done.

In a February 6 letter, copied to State Minister Privatisation and Investment, Mr Kasaija said effective April 1, 2019 the entire board would be terminated following the presidential assent to the new Investment Act.

“The purpose of this letter is to request you to bring to the attention of members of the board that following the enactment of the new investment law, their membership has been terminated and a new board appointed,” the letter, which was also copied to the UIA chairman and the acting executive director, reads the letter in part.

President Museveni on February 20 assented to the Investment Code Act 2019, which in essence put in place new measures leading to the dissolution of the UIA board.

The code in part seeks to reduce the number of UIA board members from the current 13 to seven.

Kaisaija also noted that a new board had been appointed. However, details about its composition are still scanty.

Mr Emely Kugonza, the current UIA chairman, said he had been reappointed on a three-year contract.
“I have received a new appointment as board chairman for the next three years. I am happy about this, which clearly is a vote of confidence in my leadership,” he said.

He noted that the new Investment Code, among other things, will see a reduction in the composition of board numbers, five of which will be pooled from the private sector while two will be permanent secretaries or nominees from Finance and Trade ministries.

Morrison Rwakakamba, former a special presidential assistant on research and information, is said to be one of the new faces that will grace UIA. He has over 10 years of experience in private sector development, project development and execution, public policy analysis, and government.

The termination comes at a time when UIA was seeking to recruit a substantive executive director following the early exit of acting executive director Basil Ajer.

Ajer will officially leave UIA on April 30, 2019.

Mr Ajer had been appointed in acting capacity to replace Ms Jolly Kamugira Kaguhangire, who was sacked last year for abuse of office, insubordination, lying to the board, non-compliance to set guidelines and closing a public office.